Plan your Startup Based on Steady State in the Future

Would be entrepreneurs are sometimes at a loss when they try to create a new business idea. Problems occur when the business they plan to enter are at the forefront of technology. Alternatively the business idea is so new that nobody had thought of it.  Or there are some aspects of the business idea in which certain elements are not mature yet. For instance, a business idea could be based on a mobile internet speed in which the present 4G network is unable to provide. Another example could be that the size of the gadget you plan to make is much too large to be wearable, given existing technologies. A non technological example could be the delivery schedule could not be adequately met with the volume and cost consideration.

With such seemingly impossible problems to resolve, it is of little wonder that would be entrepreneurs abandon their startup ideas in favor of more practical ones. However there are lucrative rewards for entrepreneurs who are ahead of the curve in terms of business ideas. When Fred Smith submitted his idea for an overnight delivery service in the early 1960s at Yale University, he reportedly received a C grade from his professor. Subsequently, he set up Federal Express in 1971 and the rest is history. Similarly, Jeff Bezos started to sell books online with his company Amazon in 1994. However his real intent was to sell online almost practically anything that retailers are selling in brick and motor stores. Initially he faced many problems which he eventually overcame. Today, in 2019, Jeff Bezos is one of the world’s richest men and Amazon, one of the largest companies in the world.

With such an incentive, would be entrepreneurs should use a different approach in planning the startup. Imagine you are the entrepreneur with the premature idea for a startup. If you think too short term, your startup would look like a dragonfly nymph which spends its time in water. If your plans are based on that, then your startup would get nowhere. For instance, a premature idea could be planning for internet speeds at the 4G network levels instead of planning for 5G network speeds.  Another example could be placing not placing trust in technological advancements in reducing the size of your gadget  and going ahead with an oversized product.

In other words, what you need to do is to plan based on the dragonfly being a fully mature adult. As a mature adult, the dragon flies in the air like a butterfly though it mainly prefers to be near water areas. Therefore your startup plan should be based on what your business idea would look like say 5 years from today. You then have to imagine what the technological changes are and what the market situation would be at that point in time.

Download Free StartBizUp App from Google Play

Add a Comment

Your email address will not be published. Required fields are marked *